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Liberty Media Corp. (NASDAQ:LMCB), the holding company controlled by billionaire John Malone, has announced plans to spin off cable channel Starz, allowing investors to directly bet on the channel and putting it in a better position to possibly merge with a different company.

Starz, which owns the Starz and Encore networks, competes with Time Warner‘s (NYSE:TWX) HBO and CBS‘s (NYSE:CBS) Showtime. It began as a movie channel and has since expanded into original programming

Liberty, on the other hand, could also possible be able to pursue a deal with Sirius XM Radio (NASDAQ:SIRI), a company that already makes up 46% of its portfolio.

Other LMCB holdings include Barnes & Noble (NYSE:BKS), Time Warner and Viacom (NASDAQ:VIAB)

LMCB now has a market cap around $12 billion, while Starz will likely be worth more than $2 billion. Shares of LMCB were up slightly on the news.